- It is a destination based tax on consumption of goods and services.
Remember > Destination + Consumption + Goods + Services
- It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as setoff.
- In a nutshell, only value addition will be taxed and burden of tax is to be borne by the final consumer.
Remember > On value addition + Burden-Final Consumer
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